Stocks Open Lower as Recessionary Worries Linger

More job losses and lower corporate profits weighed on the markets as investors took profits from yesterday's rebound.  The Dow lost 130 points to 8288 while Nasdaq fell 20 points to 1428.

On the upside

Shares of OncoGenex Pharmaceuticals (Nasdaq: OGXI) nearly doubled in value after the company reported positive results extending the life of patients using its prostate cancer drug treatment.

Warren Buffett's $4.7 billion offer for Constellation Energy (NYSE: CEG) hit a hurdle following a rival bid from Electricite de France SA, which was willing to pay almost as much money for half of the company.

On the downside

Shares of BlackBerry maker Research in Motion (Nasdaq: RIMM) fell in early trading as the company lowered its outlook below analysts' estimates.

Mining company Freeport-McMoRan Copper & Gold (NYSE: FCX) suspended its dividend and announced production cuts due to slumping metals prices.

Oil prices briefly fell to 3-year lows in overnight trading.  Shares of Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) lost ground.

Infineon Technologies (NYSE: IFX) posted a wider 4th quarter loss and projected losses for 2009.  Shares of the semiconductor maker promptly fell.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 7 points to 434.